Foreign Currency is not a ‘Commodity’, Income Tax Addition based on Speculative Transactions not permissible: ITAT [Read Order]

Foreign Currency - Commodity - Income Tax Addition - Income Tax - Tax - Speculative Transactions - ITAT - Taxscan

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has held that foreign currency is not a “commodity” and that addition based on the speculative transaction is not permissible. Lifestyle International Pvt. Ltd, the Assessee is a private limited company engaged in the business of retail trade of apparel and accessories, toys,…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1199 + GST for 1 year

Subscribe Now

taxscan-loader